Zomato, India's leading food delivery company, has said its step down subsidiary in the United States, Zomato USA LLC (ZUL) has been dissolved and wound up. "ZUL (Zomato USA LLC) was not a material subsidiary of the company (Zomato) and didn't have any business activity and the dissolution of ZUL will not affect the turnover/revenue of the company." Zomato said in a regulatory filing to the stock exchanges.
A step down subsidiary company is a subsidiary of a company's subsidiary. For example, if A is the holding company, B is the subsidiary of A and c is the subsidiary of B, then C is the step-down subsidiary of A.
Zomato had received intimation on August 18 regarding dissolution and winding up of Zomato USA LLC with effect from August 17, 2021, Zomato added.
Earlier, on July 23, Zomato had made a spectacular debut on Dalal Street. The shares had listed at a premium of 52 per cent at Rs 115 on the stock exchanges and closed higher by 65 per cent at Rs 125 on debut day.
At 12:30 pm, Zomato shares were trading higher by 0.7 per cent at Rs 137.40 on the BSE as against a 0.34 per cent decline in the benchmark indices.
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